Intertape Rises to Seven-Year High on Earnings: Montreal Mover

Intertape Polymer Group Inc. (ITP), a maker
of packing tape and shrink wrap, advanced to its highest price
in more than seven years after reporting an increase in adjusted
first-quarter earnings.

Intertape rose 1.7 percent to C$11.90 at 4 p.m. in
Toronto, the highest close since July 2005. The stock has surged
49 percent this year, compared with a 0.3 percent gain for the
Standard & Poor’s/TSX Composite Index.

Adjusted earnings per share in the quarter ended March 31
rose to 24 cents from 14 cents a year earlier, the St. Laurent,
Quebec-based company said in a statement today. Gross margin
increased to 19.5 percent from 16.3 percent a year ago.

Chief Executive Officer Greg Yull said the company’s debt
to trailing 12-month adjusted earnings before interest, taxes,
depreciation and amortization ratio was 1.7 compared to 2.8 a
year earlier.

“This improvement allows us to significantly increase our
capital expenditures with confidence over the next two years as
we invest for the future,” Yull said in the statement.

Intertape also plans to redeem $20 million of notes in June
to further reduce its debt.